How to effectively track your expenses

The importance of keeping track of your expenses is better understood, especially when your expenses exceed your income. A strong expense tracking is important to monitor the growth of your business, to create financial statements, to keep track of non-deductible expenditures, to prepare tax returns and to support the information you provide in your tax return. Don’t let all this detail frighten you. Expense tracking is not difficult as you think. Especially if you are using FreshBooks Expense Tracking Page

How can the expense tracking be so easy?

You don’t need to store receipts or spreadsheets with hundreds of unsorted entries for expense tracking anymore.

FreshBooks makes it easy to keep track of your spending with ‘Expenses’. This is helpful if you are required to document business-related purchases for your business and for tax deductions.

You can create Expenses, as well as Recurring Expenses that can generate automatically on a frequent basis (perfect for subscription-related costs). You’re also able to upload receipts, and mark an Expense up for rebilling to your Clients.

If you using the FreshBooks mobile app receipt tracking is simple. You can easily snap a picture of a receipt and add it to an expense. Snap a picture of a receipt, log it, and let FreshBooks keep things organized for you in the cloud.

If you connect your bank account or credit card to FreshBooks, you will say goodbye to the manual login.FreshBooks provides the ability for you to attach your credit card, bank account, and PayPal account for automatic expense importing every day. Expenses from your connected accounts are automatically created for you.

With FreshBooks you can quickly mark your business expenses as billable, add a markup and then automatically pull them onto an invoice for your client.

Categorization of expenses in FreshBooks is made with tax time in mind, so it’s easy for you (or your accountant) to file. At tax time you have all the information you need without any of the complexity.

Tracking expenses in FreshBooks means that your team can keep tabs on what they’re spending on projects. It also means you can keep a close eye on how things are tracking to budget.

Tracking expenses in FreshBooks means that your team can keep tabs on what they’re spending on projects. It also means you can keep a close eye on how things are tracking to budget.

Other Ways FreshBooks Makes Expense Tracking Easy

Multi-currency expenses

Auto-categorization of expenses

Tax friendly categories

Easily assign recurring expenses

Automatically import expenses from your bank

Easily mark expenses to rebill to a client later

Snap and store pictures of receipts in the mobile app

Secure receipt storage in the cloud so mobile and desktop are always in sync